Phoenix Makes Video To Help Small Businesses Apply For Loans
The city of Phoenix is trying to help business owners navigate the federal process of disaster relief.
Phoenix’s Economic Development Department created a video to walk people through the forms to apply for economic injury disaster loans. The low interest loans, administered by the U.S. Small Business Administration, are meant to help businesses overcome the loss of revenue as a result of the coronavirus.
“My experience goes back about 30 years,” said Christine Mackay, director of Phoenix’s Community and Economic Development Department.”I’ve lived through five recessions, the Resolution Trust Corporation days, 9/11 and now this. And I can tell you this pandemic we’re facing is like nothing I’ve ever seen before.”
The five-minute video is on the city’s website, along with loan forms and other information to help businesses, residents and nonprofits dealing with the effects of COVID-19. During a recent City Council meeting, Mackay said her department is focused on connecting Phoenix businesses to all the resources available. Some council members suggested the city should look for ways to provide support for struggling businesses and their employees beyond referring them to federal and state agencies.
As part of the $2.2 trillion emergency package signed by President Donald Trump, there is $350 billion allocated to keep workers at small businesses employed. Referred to as the Paycheck Protection Program, the loans may be forgiven if borrowers keep their payrolls during the crisis or restore their payrolls afterward. Details have not yet been released.
When combining loans, grants and payroll tax pauses offered through the emergency package, the U.S. Chamber of Commerce estimates Arizona could receive $5.6 billion in small-business aid.